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By Nate Shaw & Joe Langston - 30 Nov 16

November 2016

November Newsletter

I cannot believe the fall and soon to be holiday season is upon us!

October ended up being stronger than we thought. With all the election talk, and the rate scare coming people must have decided on one of two things.  The election is not going to affect their normal life and life must go on, OR  they wanted to lock their rate before things change, which we anticipate will happen next year.  At any rate, thanks for all you have done to help us out!

The following listings closed this month:

  1. Michael Hansen and investment partner, Eric Mitchell, repeat performers!
  2. Sony and Randy Naron, repeat performers!
  3. Sherri Jordan, repeat performer!
  4. The Johnson’s
  5. Keith and Susan Tolbirt

We would like to welcome the following that bought homes or other real estate this month:

  1. The Jones family, repeat performers!
  2. Sony and Randy Naron, repeat performers!
  3. The Kings, repeat performers!
  4. The Polatis Family, repeat performers!
  5. Zufelt Family, welcome to Keller Williams as an agent!
  6. Thomas Donnelly and son Sean O’Neill.

We feel so blessed that seven out of our 11 transactions we closed in October where from people we have worked with before.  Thank you so much!  We are so honored to have such loyal past clients!  Our goal is to help 150 families, groups or individuals with a real estate transaction this year and by the end of October we were sitting at 115, so once again, thanks you so much for all your referrals.  Who do you know that we can help buy or sale a home in Washington County?  We promise to make it worth your while.

Market snapshot

The following data is per the Washington County Board of Realtors and is comparison of market conditions in October 2016 vs. October 2015.  As always it appears that the sweet spot in our market is in the $200-250K range and is still very strong. We are finding that what sold for $200,000 two to three months ago, is now going for $220,000, so the lower end is extremely strong, while the upper end is more normal.   

Data October 2016 October 2015 % change from this year to last
Absorption Rate 4.15 5.49 -24.21%
Average List Price $426,220 $387,058 10.12%
Median List Price $321,250 $294,000 9.27%
Average Sale Price $277,773 $252,497 10.01%
Median Sale Price $238,000 $220,000 8.18%
Average CDOM 81.00 75.00 8%

I made a slight change this month to this graphic.  I added the change year over year. Average list price is up nearly $40,000 and the average sales price is up over $25,000!  Great news for sellers while buyers are left paying a bit higher prices to get into the market. Interest rates are still low, but we are anticipating a change soon!    

As usual the best deals can be found for those that have budgets over $500,000.  NOTICE days on the market are starting to extend and absorption is increasing, this symbolizes a slight change or balance in the market, though the lower end is still raging.  I anticipate the higher end might sit on their haunches for a bit and watch.  

The following data is for Single Family homes sales in Washington County for the past three months.  The bottom number indicates the amount of single family inventory available at any price on the market.  You will notice that October showed a decrease of 2 units sold and gave us 8 more homes to choose from.  We predicted October to be very strong and for our team thanks to you, it was, for the market is slowed.  I think that is caught up in the idea that the higher end, resale product might start to sit a bit longer.  

Month August 2016 September 2016 October 2016
Homes sold 312 261 259
Inventory available 1441 1469 1477

The following data is for Condo or Townhome sales in Washington County for the past three months and the amount of Condo or Townhome inventory available at any price on the market.  The board of Realtors sold three fewer units and Added 20 more to choose from.  This line seems pretty consistent over the year.

Month August 2016 September 2016 October 2016
Condo/TH sold 59 62 59
Inventory available 202 172 192

I think resale sellers over $350,000 might need to be a lot less choosy about the offers they are looking at as that part of the market seems to be softening.  

Let’s take a look at some of the default and new construction trending:

Notices of default decreased slightly from 29 in September to 21 in October. I am surprised this is as high as it is.  I assume most of this inventory is in the higher end.

Foreclosure Sales decreased slightly  from 10 in September to 7 in October.  Believe it or not, even banks have a heart and they might be delaying some sales until January.   

Single Family Building Permits decreased from 141 in September to 135 in October. New construction has been very strong the last several months, however if this trend persists, we may see building dip a bit.  New Construction still represents about ⅓ of our market for the time being, so it must be considered, especially if you are planning to spend $400,000 or more.

Project Spotlight:

Keep in mind the  “The Hills at Santa Clara”.   If you are headed toward Ivins in Santa Clara Valley right across street from the Historic Jacob Hamblin home is a bridge that takes you across the Santa Clara River to this development.  The serene drive makes you feel refreshed by the time you get there!  Many different building lots, sizes, configurations and price ranges to choose from.

hills-at-santa-clara hills-at-santa-clara2

 

What’s coming up in St. George?

Check out STGnews for all the local holiday happenings!

 

 

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  • Langston-Shaw Realty Group Joe Langston & Nate Shaw
  • Keller Williams Realty, St. George
  • 1624 S. Convention Center Drive
  • St. George, UT 84790
  • DRE#: 5460249-BB00
DISCLAIMER:

Listing information deemed reliable but not guaranteed

Equal Housing Opportunity.